ECN Forum Forums General Topics of the Trade Business Related Discussion Raise your rates newsletter

Why?

I'd go work for someone else if my employees made more than me. I went into business to make a lot more than what I could make working for someone. I don't see a point in going into business for myself if I can't do that.

After 10years if your not making substantially more than what your top employee is making something is seriously wrong in my opinion.

I guess if you're happy with that, it's fine.

Well, it isn't quite like that. I don't take home all the company makes. I've got an amount I budget to take home. The company is paying for my truck, insurance, fuel and the building I'm in etc. All my trucks are paid for except for the one I drive and the new one I just bought (Ford has a $3500 rebate on F150's btw until 9/3 I think)

When I built my shop I paid for a shell building with a loan and paid for the drive concrete, inside finish work, plumbing, ceiling, surveillance etc out of pocket (The company's pocket).

I've been plowing money back into the business pretty much since I started to get my debt down and keep it down. My lift and trencher, concrete saw etc were purchased out of checking. My cash flow is pretty good. When I get closer to retirement I'll probably start dipping a little deeper.

Teester,
I know what you are saying on the labor rates. There is just me and a partner, we work together out of one truck, and bill 60per hr. This is for 2 electricans and a truck, and we still have people that think this is highway robbery. We manage to stay busy and make a decent living thanks to low overhead for now. Just been informed that I have to have workers comp. ins. to sub to some of the contractors we work with.Prices will be going up

I'm going up on my rate to new customers. Most don't ask and probably don't know what the going rate is. I'm going to $50/40 or 90 for two men. I'll see how it goes. The going rate here is 40/35=75